(Alliance News) - Beazley PLC on Thursday reported that its gross premiums written in its half year had increased, boosted by Property Risks and Cyber Risks.
Beazley is the parent company of insurance businesses operating in Europe, North America, Latin America and Asia.
Gross premiums written in its first half ended June 30 were up by 13% to USD2.89 billion from USD2.55 billion the year before.
This was driven by the growth in Property Risks which increased 66% in gross premiums written for the first half to USD791.6 million from USD478 million a year before. Cyber Risks also "performed well", with gross premiums written rising 14% to USD539.7 million, from USD472.7 million the year before.
MAP Risks performed in line with expectations, falling slightly by 5.0% to USD517.4 million, from USD547.2 million. Speciality Risks faced "very challenging conditions", dropping 1.0% to USD935 million from USD945.9 million the year before.
Net income from investments in the half year were USD143.8 million, from a loss of USD193 million the year before.
"Yields on our fixed income investments are higher than for many years and this has supported returns in the period," Beazley said.
Chief Executive Officer Adrian Cox said: "The excellent conditions in the property market persisted into the second quarter and we continued to take advantage of those, delivering a strong performance on growth for the group in the first half of 2023.
"With premium written in line with our expectations, we are confident of delivering our growth guidance for the year."
The company said its growth guidance for 2023 was in the mid-teens and 20s for net premiums written remains in place.
Shares in Beazley were up 1.5% at 571.00 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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Beazley (BEZ)